Mynt has been essential in the development of eco-friendly NFTs, which in turn is creating new ways for artists to increase revenue using the possibilities of Web3.
Hedera Price prediction is here. Hedera has been trading in the red today as it shreds most of the profits it gained along with another crypto rally. Recent news which could rally the HBAR’s price again is coming from a Music NFT project named Mynt.
Mynt officially announced the migration of their music NFT project from Ethereum to the Hedera network. Members of the crew have been actively involved in bringing in bands and linking them with the huge assortment of digital treasures available on Hedera.
The NFT market has been troubled by a major slowdown in the sale of digital collectables since the latter part of 2022, which has contributed to the sector's subsequent plunge into the abyss of a bear market. Nonetheless, this has not hampered the Hedera ecosystem's growth, as it continues to create and introduce new apps on top of its Hashgraph-powered network.
On Tuesday, Hedera's development arm, HBAR Foundation, announced the introduction of Mynt, a platform that serves as a launchpad for emerging artists, incubating them in the realm of Web3 and giving them insights to launch and expand successful NFT initiatives.
Mynt picked Hedera above other layer-1 blockchains because of its dedication to developing eco-friendly NFTs, which the NFT platform would actively use to produce new revenue streams for artists and musicians.
Let’s see Hedera price prediction will react to this news.
At the time of writing, the price of Hedera is $0.060610 USD, with a 24-hour trading volume of $63,514,083 USD. In the previous 24 hours, Hedera has down 10.46%. HBAR is currently ranked #34 on CoinMarketCap, with a market cap of $1,702,145,942 USD. There are 28,083,557,506 HBAR coins in circulation, with a maximum supply of 50,000,000,000 HBAR coins.
If we see the bigger picture, Hedera has performed very well since the crypto winter and withstood most of the crypto downturn without severe price fluctuation. If we see the trendline, it’s making a down slope which is a good sign for the long run as the bear market is getting away and bulls can enter at any moment.
Support level which is at $0.059 is the critical support on which the HBAR is trading right now. The price progression is flat and any changes could lead to a Bull run or a bearish downfall.
Bollinger band indicates the neutral price at $0.05 while the upper band shows $0.08 Mark and the lower band shows a $0.02 price value. Right now the bollinger bands are getting narrower and parallel while the price ambiguity raise.
The 14 Day RSI is at 44 which shows that the market is reviving from an oversold region.
From the 1-Day chart analysis, a very strange but interesting pattern could be seen. Hedera has been drawing zig-zag trendlines above and below the prices and now has created a very similar pattern to the alphabet Z.
Hedera price prediction has become very complex due to bank collapses and some macroeconomic events which the crypto market is going through. If we go by the pattern, the first uptrend was witnessed on January 8th. After which the price carried the bull run until Mid Feb and started declining. From Mid-Feb to March, Hedera declined more than 15%. The recent bull run put Hedera again back to green and now it’s again making red candles.
If Hedera follows the same pattern then investors could see a major rise on the prices in upcoming days.
When it comes to creating NFT collections in terms of speed, security, and costs, Hedera is frequently picked as the ideal solution because to the scalable nature of its token service. The cost of minting a collection of 10,000 NFTs on the carbon-negative Hedera network is only $78 USD.
Source: University College of London
Furthermore, in their most recent research, University College London (UCL) showed that Hedera spends the least amount of energy per transaction of any public distributed ledger technology (DLT), requiring 3300 times less energy than Ethereum and 1000 times less energy than VISA.